Managing Director, Zero One, Zero One

Vincent Fernando, CFA

20 years of experience researching capital markets in Asia and the USA.

Managing Director, Zero One

Memory Monitor: Latest Two Signals Show Inventory Problems Worsening; Long Micron Vs. Short Nanya

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Equity Bottom-Up

<ul>
<li>Long Micron vs. Short Nanya - We remain biased to Long Micron vs. Nanya Technology based on multiple factors.</li>
<li>Relative valuation and inventory management appears to favor Micron. Nanya Technology's inventory days blow-out increases risk of write-downs impacting its next earnings.</li>
<li>Potential news flow also appears to favor Micron as the US CHIPS Act rolls out.</li>
</ul>


Long Micron vs. Short Nanya - We remain biased to Long Micron vs. Nanya Technology based on multiple factors.
Relative valuation and inventory management appears to favor Micron. Nanya Technology's inventory days blow-out increases risk of write-downs impacting its next earnings.
Potential news flow also appears to favor Micron as the US CHIPS Act rolls out.


Memory Monitor: Long Micron Vs. Short Nanya Technology; Nanya Relatively Over-Valued

Micron Technology

Memory Monitor: Long Micron Vs. Short Nanya Technology; Nanya Relatively Over-Valued